The story seems so strange, like what did he think the end game would be? People giving them millions of dollars and then never receiving anything in return, like that would just go unnoticed?
He was trying to set up a Ponzi scheme. But he's an idiot.The story seems so strange, like what did he think the end game would be? People giving them millions of dollars and then never receiving anything in return, like that would just go unnoticed?
Exactly.He may have figured going to Federal prison was a better option than what would have happened to him if he didn't pay off whoever he owed.
Other than that it doesn't make any sense at all, eventually it was going to come crashing down on him.
He just needed to keep the money going until he hit the inevitable hit streak. Remember he's a gambler. He always thought he'd get it back.The story seems so strange, like what did he think the end game would be? People giving them millions of dollars and then never receiving anything in return, like that would just go unnoticed?
Small world. The company I used to work for has Brigade as a client. I worked on their account for about 4 years. In the Deadspin article, Carton described them as buttoned up and I would agree. My impression was that they had strong operational controls and due dillegence. That they would get duped by a sports radio idiot is shocking to me. The 4 million lost is nothing compared to redemption requests they will get.The hedge fund allegedly defrauded of $4.6 million by WFAN morning-show host Craig Carton and a co-conspirator is New York-based Brigade Capital Management, SI has learned. The firm’s general counsel, Aaron Daniels, declined to comment.
And bookies don't have contacts in prison?Exactly.
Someone would have killed him or hurt his family.
The theory was that the bookies have now been paid off with the investors money and he "only" owes his investors who I assume are softer types.And bookies don't have contacts in prison?
That one makes sense as well as the theory that he was using the money to let it ride and win some back. That way there's an actual end game instead of just shuffling money around from one source to another.The theory was that the bookies have now been paid off with the investors money and he "only" owes his investors who I assume are softer types.
I don't think it worked out that way and in the end he probably owed the investors and the bookies but it may have been the original idea.
It does make more sense. I still had trouble with the whole scheme. So he owes $2 and gets $4 from investors, half of which he bets on the Nets. That theory also still carries the gamblers mentality too - i can make it back with one nice run before the investors figure out their investment isn't gaining anything. And if they did he could refund them 100% of their investment (if the gambling worked out) and just say ooops sorry. And him and his family are safe.That one makes sense as well as the theory that he was using the money to let it ride and win some back. That way there's an actual end game instead of just shuffling money around from one source to another.
Carton has released a statement of resignation.WFAN says it's accepted resignation of Craig Carton @cc660, charged in a Ponzi scheme. He has said he's not guilty.
A good friend listens to Boomer every morning and he’s been thrilled with the hiring of Giannotti. He also liked Jerry Recco. Strange to hear all of these prior sports flash and producers become on air talent.Tuned in this morning: Greg Giannotti is in the cohost chair and the logo on the front of desk now says “Boomer and Gio.” This was a good pairing, in my opinion.
Try up to 45 years in prison.What's he looking at? House arrest?
Depends on the size of the fraud, how many victims, etc.What's he looking at? House arrest?
Am I overreacting or is it shockingly unprofessional for a federal judge to taunt a defendant before taking his freedom away? And then King relays it like it’s just adorably clever. Not to say Carton doesn’t deserve the sentence itself.from Peter King's colum:
“Colleen from New York. First time, long time.”
—Colleen McMahon, the federal judge who sentenced popular New York sports-talk host Craig Carton to three-and-a-half years in prison on Friday, beginning her sentencing decision with a classic talk-show refrain in federal court.
She was being cute more than taunting, I read elsewhere she said she was a fan who listened to him every day. Not sure why she didn’t recuse herself initially...Am I overreacting or is it shockingly unprofessional for a federal judge to taunt a defendant before taking his freedom away? And then King relays it like it’s just adorably clever. Not to say Carton doesn’t deserve the sentence itself.
It is stunningly unprofessional. I am all for poetic license in written judicial opinions, but this sort of decision is no place for that.Am I overreacting or is it shockingly unprofessional for a federal judge to taunt a defendant before taking his freedom away? And then King relays it like it’s just adorably clever. Not to say Carton doesn’t deserve the sentence itself.